Reliance Industries and Softbank Group-backed Ola Electric have won bids to receive incentives under India’s $2.4 billion battery programme, four sources told Reuters.
The Indian government last year finalised a programme to incentivise companies to make battery cells locally as it looks to establish a domestic supply chain for clean transport and renewable energy storage to meet its decarbonisation goals.
Ten companies submitted bids totalling about 130 gigawatt hours (Gwh), of which four have won, the sources said.
Reliance and Ola did not immediately respond to requests for comment.
(The story is refiled to fix the company logo)
(Reporting by Aditi Shah. Editing by Gerry Doyle)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.